Russia Plans to Launch Quantum Blockchain in 2019

Published on12 Jun. 2018

Russia Plans to Launch Quantum Blockchain in 2019

Yurii Kurochkin, the head of the group of the quantum communication, the Russian Quantum Center (RQC), mentioned that the Russian scientists had developed the initiative on quantum blockchain technology. Due to his words, informs TАSS, the refinement of the blockchain technology with the use of quants for the wholesale scale should be finished by the year 2019.

We need around one year to finish the wholesale refinement of the quantum blockchain. This way, the commercial version is planned for 2019. Last year, the quantum blockchain was tested together with Gasprombank. After that, we have to develop this software for the wholesale production, and the most critical issue is to select the practical tasks,

There is a widespread opinion that the quantum computers, being at the moment under the development of the scientists all over the world, will be able to hack the blockchain-based online wallets. The assurance of high security is actually one of the essential tasks of the blockchain.

However, as we wrote earlier, Jeffrey Tucker, the editor of the American Institute of Economic Research magazine claims that the fear of quantum computing as the existential threat to Bitcoin and other blockchains is based on the panic sentiments and ignorance. The expert explains that the quantum technology that would be able to compromise blockchain, could be created in about ten years from now, and when it appears, at last, it will be considered already outdated.

Maybe, the use of quantum blockchain will eliminate the threat of public blockchain hacking. Kurochkin explained that the use of quantum possibilities for blockchain protection would exclude such a risk.

For the record, the president of the RF supports the development of distributed ledger. He stated on one of the open meetings that Russia needs the blockchain technology for the “breakthrough into the future.”